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Detail of outcome
This is the government’s response to the consultation on expanding the Dormant Assets Scheme, which ran from 21 February to 16 July 2020.
After carefully considering all responses, the government intends to legislate to include additional assets across from the insurance and pensions, investment and wealth management, and securities sectors in the Scheme.
Scheme expansion has the potential to unlock more than £800 million for social and environmental causes.
The government has launched a consultation in order to gather views on its proposals to expand the dormant assets scheme to include new financial assets.
The public consultation follows two industry-led reports, which made a series of recommendations on broadening the current scheme beyond bank and building society accounts to include assets from the insurance and pensions, investment and wealth management, and securities sectors.
Having considered industry’s recommendations, the government is now inviting input on the detailed proposals to expand the scheme. We are particularly interested in hearing views from potential participants, consumer groups, regulators, and interested individuals.